Common use of CONDITIONS FOR RENEWAL Clause in Contracts

CONDITIONS FOR RENEWAL. ▇▇▇▇▇▇▇▇▇▇’s Renewal Right is conditioned upon ▇▇▇▇▇▇▇▇▇▇’s fulfillment of all of the following conditions precedent: 2.2.1 At the time Franchisee delivers its Renewal Notice to Franchisor and at all times thereafter until the commencement of the Renewal Term, Franchisee shall not be in default of any provision of this Agreement, or any other agreement between Franchisee and Franchisor, or its affiliates, or any standards set forth in the Manual, and Franchisee shall have substantially complied with all the terms and conditions of this Agreement, the Manual and any other agreements during the Term. 2.2.2 Franchisee shall not have committed three (3) or more material defaults of Articles 4, 7, 8, 9, 10, 11, 12 or 17 during any twelve (12) month period during the Term for which Franchisor shall have delivered notices of default, whether or not such defaults were cured. 2.2.3 Franchisee shall have in all material respects maintained its status as a Fiesta franchisee in Good Standing throughout the Term and is in Good Standing on the commencement date of the Renewal Term and Extension Term. 2.2.4 Franchisee shall, at Franchisorʹs option, execute Franchisorʹs then‐current form of Franchise Agreement and any addenda thereto, for the Renewal Term, which agreement shall supersede this Agreement in all respects, and the terms of which may differ materially and be less advantageous to Franchisee than the terms of this Agreement. 2.2.5 Franchisee shall satisfy Franchisor’s then‐current training requirements. 2.2.6 Franchisee shall execute a General Release, in substantially the form of Exhibit I attached to this Agreement. 2.2.7 Franchisee shall pay Franchisor a fee in the sum of $15,000 (the “Renewal Fee”) for the right to renew the Term. The Renewal Fee shall be paid in equal monthly installments due on the tenth (10th) day of each month during the Renewal Term. If the Renewal Franchise Agreement is terminated prior to the expiration of the Renewal Term, the unpaid balance of the Renewal Fee shall become all due and payable to Franchisor on the termination date of the Renewal Franchise Agreement.

CONDITIONS FOR RENEWAL. ▇▇▇▇▇▇▇▇▇▇’s Renewal Right is conditioned upon ▇▇▇▇▇▇▇▇▇▇’s fulfillment of all of the following conditions precedent: 2.2.1 At the time Franchisee delivers its Renewal Notice to Franchisor and at all times thereafter until the commencement of the Renewal Term, Franchisee shall not be in default of any provision of this Agreement, or any other agreement between Franchisee and Franchisor, or its affiliates, or any standards set forth in the Manual, and Franchisee shall have substantially complied with all the terms and conditions of this Agreement, the Manual and any other agreements during the Term. 2.2.2 Franchisee shall not have committed three (3) or more material defaults of Articles 4, 7, 8, 9, 10, 11, 12 or 17 during any twelve (12) month period during the Term for which Franchisor shall have delivered notices of default, whether or not such defaults were cured. 2.2.3 Franchisee shall have in all material respects maintained its status as a Fiesta franchisee in Good Standing throughout the Term and is in Good Standing on the commencement date of the Renewal Term and Extension Term. 2.2.4 Franchisee shall, at Franchisorʹs option, execute Franchisorʹs then‐current form of Franchise Agreement and any addenda thereto, for the Renewal Term, which agreement shall supersede this Agreement in all respects, and the terms of which may differ materially and be less advantageous to Franchisee than the terms of this Agreement. 2.2.5 Franchisee shall satisfy Franchisor’s then‐current training requirements. 2.2.6 Franchisee shall execute a General Release, in substantially the form of Exhibit I attached to this Agreement. 2.2.7 Franchisee shall pay Franchisor a fee in the sum of $15,000 (the “Renewal Fee”) 10,000 for the right to renew the Term. The Renewal Fee shall be paid in equal monthly installments due on the tenth (10th) day of each month during the Renewal Term. If the Renewal Franchise Agreement is terminated prior to the expiration of the Renewal Term, the unpaid balance of the Renewal Fee shall become all due and payable to Franchisor on the termination date of the Renewal Franchise Agreement.